discharged in Bankruptcy

These Questions About Bankruptcy Can Make You Understand it Better

Call: 888-297-6203 Bankruptcy can be quite specific and technical for a common person to understand. This has caused many problems as people fear the repercussions more than understanding the benefits it offers. You will be surprised to know that unlike other forms of debt relief, bankruptcy is quite simple. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, answer some of the prominent queries raised by people regarding bankruptcy. 1. Will I end up losing all my possessions? Liquidation of assets takes place in the case of Chapter 7 bankruptcy. In that case, too, most assets [...]


Are Accounts Included in Bankruptcy Deleted?

Call: 888-297-6203 When you file for bankruptcy, it is important to remember that any and all accounts that are included in the bankruptcy will find a mention on your credit report. Lawyers of Los Angeles based bankruptcy law firm Recovery Law Group, inform that these accounts will not be deleted from your credit history immediately after a bankruptcy discharge, but remain on the credit report for a period of seven years. This seven-year duration is from the original delinquency date or the date of the bankruptcy filing. Individuals can file for bankruptcy under Chapter 7 or Chapter 13. [...]


Can Gambling Debt be addressed by Bankruptcy in California?

If you like gambling, Los Angeles offers you a large number of casinos to choose from. However, gambling can lead to the accumulation of a huge amount of debts. People often choose to get rid of their debts via bankruptcy. During bankruptcy, debts are discharged which effectively makes creditors go away as they cannot harass you to get the payment back. While bankruptcy is an excellent way to get rid of debts, it is important to know that it gets reflected on your credit report. Your bankruptcy appears for up to 10 years on your credit report which [...]


Can Educational Loans be Discharged in Bankruptcy?

Bankruptcy is the best legal recourse available to people to get rid of unpaid dues accumulated due to miscalculated financial risks, heavy medical bills or long credit card bills. However, certain debts such as spousal and child support, government taxes and educational loans are not discharged even post-bankruptcy. Getting student loans written off during bankruptcy is extremely difficult, though not impossible, say Dallas based bankruptcy lawyers Recovery Law Group. By proving “undue hardship”, which incidentally is very difficult, one can get them cleared, however, the standards set by the court are extremely difficult to meet. According to the [...]